Bitcoin, Ethereum, BNB Coin: Will prices go up again?
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At the time of writing, the price of Bitcoin (BTC) is just above $30,000, prompting questions among traders and investors regarding the possibility of further growth. Furthermore, the most important question that many are asking is whether we can finally say goodbye to the so-called bear market. Below we see an analysis conducted by Gracy Chen, managing director of the crypto exchange Bitget, on the current and future performance of Bitcoin (BTC), Ethereum (ETH) and BNB Coin.
The factors that led to the surge in Bitcoin
The recent surge in the price of Bitcoin may have been influenced by the news that major players such as BlackRock, WisdomTree and Invesco have applied to create a Bitcoin ETF. In fact, this news acted as a catalyst for the increase in the price of BTC, which recently even surpassed $31,000.
Furthermore, the impending launch of the Wall Street-backed EDX platform after completing a new round of funding may have impacted investor sentiment and contributed to the surge in cryptocurrency prices.
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It should also be noted that an interest rate hike by the Federal Reserve is expected in July. Despite the Fed’s more aggressive comments in June, which pointed to the possibility of further rate hikes in the second half of the year, the prevailing market view suggests that this statement is the result of the Federal Reserve’s management of expectations regarding the decline in the CPI inflation.
Therefore, although a rate hike was not expected in June, the hikes expected in July are considered a crucial moment for the second half of the year. Furthermore, according to Gracy Chen, it is possible that Bitcoin will continue to rise even above 31,000 following this positive news for the sector: “It is possible that BTC tests the significant resistance level of $34,000-35,000 in July. It is crucial to monitor the strength of the support around $30,000 and $31,000. If BTC remains stable at $31,000, especially in the face of positive news such as the US Federal Reserve’s decision to keep interest rates on hold in July, the short-term reference range could be $32,000 to $33,000. In the medium term, there could be a further test of $34,000, followed by a retrace to maintain a range-bound move.”
Furthermore, Gracy Chen goes on to state, “However, if BTC fails to hold stable at $31,000 or $30,000, there is a high probability of a swing between $29,000 and $31,000, which would set the stage for a new potential. maximum. If BTC falls below $29,000, short-term risk increases, breaking the uptrend and leading to larger fluctuations in the $26,000-$30,000 range.”
Some forecasts on Ethereum according to Bitget
Currently, the total ETH staked in the network is approximately 19.89 million tokens, with a staking rate of 16.53% and an annual yield of 4.2%. Staking activity continues to attract funds, leading to a steady increase in the staking rate. Also, ETH’s annual deflation rate is -0.25% and has been stable recently. Declining on-chain activity due to the market slowdown has contributed to the lack of rapid growth.
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However, once altcoin activity picks up again, ETH’s deflation rate is expected to improve further. Fundamentally, ETH offers a relatively high cost-effectiveness.
As for the forecast for July, ETH has shown relative weakness against BTC in terms of exchange rate, as the latter’s market share is growing rapidly. However, in the long run, ETH is more cost-effective.
The demand for ETH is mainly influenced by the wealth effect of altcoins and memes as well as the profitability of various market sectors. A conservative estimate by Bitget for the month of July suggests that ETH will fluctuate between $1,700 and $1,950.
Although, now that BTC has cleared $31,000, this is expected to trigger an altcoin trend wave, which could lead ETH to attempt to break the previous resistance level around $2,141.
What could be the fate of BNB Coin?
Following the SEC allegations against Binance, the exchange has seen major developments, including the decision to exit the Dutch market and ongoing investigations in France. Several European countries are working with the SEC to analyze Binance’s operations.
On June 17, Binance reached a preliminary settlement with the SEC, which outlined plans to repatriate all US client funds and wallet keys within the country. While the situation is under control and manageable at the moment, it remains evolving.
Additionally, Binance recently announced the launch of opBNB, a Layer2 network built on top of Op Stack, on the testnet. This introduction represents a significant improvement in transaction processing speed (TPS) and fee reduction, reinforcing user expectations of the BNB blockchain and contributing to the increase in value of BNB.
As for BNB, its performance will be closely related to the situation with the SEC and Binance. As we saw in the case of Ripple (XRP) during its confrontation with the SEC, it is foreseeable that this legal battle could continue for a considerable period.
As a result, BNB is likely to experience significant fluctuations in the $230-$280 range in July. However, even then, now that BTC has cleared the $31,000 mark, there might be a chance that BNB will challenge the strong resistance level in the $290-$300 range.
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